Applicant carrying on business of constructing residential/commercial complexes and selling thereof, sold its under construction building as a whole with its all assets and transferred rights of same to buyer including approved map from competent authority and sought advance ruling on applicability of exemption Notification No. 12/2017-Central Tax(Rate) dated 28-6-2017 on said ‘Business Transfer Agreement’. It is found that buyer has purchased the under construction building/business to carry on same kind of business as purchaser. Thus,applicant having transferred business as a going concern, it may be treated as supply of services as per serial No. 2 of Notification No. 12/2017-Central Tax(Rate) dated 28-6-2017 and same is exempted from levy of GST.
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